Supreme Energy may file corrected FY13 company records

The trust – Pinnacle Energy — is the majority shareholder of NuPower Renewables through Supreme Energy, which came under the scanner of the authorities after a whistleblower said the company was at the heart of corruption at ICICI Bank that lent money to Videocon Industries.

Supreme Energy — the holding company for NuPower Renewables of Deepak Kochhar, husband of ICICI Bank chief executive Chanda Kochhar — may soon file a correction for FY13 company records that state “Pungalia Chandra” is the father of established lawyer Prem Rajani. The filing, Deepak Kochhar says, is a clerical error that none of the people involved in were aware of. “The filing is correct for all prior and subsequent years.”

The error occurred in the ministry of corporate affairs filings in the fiscal year to March 2013. Rajani is an established lawyer who had helped form Pinnacle Energy, a trust of the Kochhar family, and was a trustee. Mahesh Chandra Punglia is a chartered accountant and has also been questioned by the authorities regarding allegations of corruption at NuPower.

According to regulatory filings, Venugopal Dhoot, who owned Supreme Energy, sold it to Mahesh Chandra Punglia, who transferred it to Pinnacle Energy, at least in part, during the fiscal year in which the error was made.

A disclosure like this could affect several things, including taxation on transfer of shares to a trust, said an industry expert. A retrospective correction would also mean related filings. “It can be a fairly long-drawn process, especially when so many eyes are already on the company,” said an expert on trusts asking not to be named. Transfer of assets into a trust does not incur taxation if contributed by relatives and the scrutiny also tends to be lower, said an expert in private trusts. The error draws more attention to a company that has been in the limelight for over six months now.

The trust – Pinnacle Energy — is the majority shareholder of NuPower Renewables through Supreme Energy, which came under the scanner of the authorities after a whistleblower said the company was at the heart of corruption at ICICI Bank that lent money to Videocon Industries. The company owned by Venugopal Dhoot is currently in bankruptcy.

Chanda Kochhar is currently on leave until two committees, including one formed under Justice Srikrishna, investigate if she misused her position. The board had been quick to dismiss allegations against her in the first instance but initiated investigations after a second whistleblower alleged malpractice and corruption.

The Central Bureau of Investigation had started an investigation after the first letter levelling corruption charged. It pursued the dealings of Deepak Kochhar more as the loan called into question was approved by 14 banks, not just ICICI Bank.